Industry dependent performance of initial public offerings

Sammanfattning: We analyze abnormal returns of initial public offerings (IPOs) in different industries from 2007 to 2015 in the main Swedish markets. We find that IPOs outperform a sample of matching firms from the initial time period (first trading day) to the after-market period (a three-year period). Furthermore, adjusted initial returns and offer size of IPOs are positively related to their aftermarket performance. “Oil & Gas, Basic Materials & Utilities” and “Health care” are the two best performing sectors and they are the only two sectors that significantly outperform “Industrials”, with the latter being the worst performing sector.